UPDATE: William Blair Upgrades Gogo (GOGO) to Outperform Following Pullback

William Blair analyst Louie DiPalma upgraded Gogo (NASDAQ: GOGO) from Market Perform to Outperform.

The analyst commented, "We are upgrading Gogo shares to Outperform. We downgraded in late January because valuation was elevated. Following the pullback, we now believe shares are attractively valued. We believe the pricing of its new $725 million term loan over the next few weeks will be a significant catalyst that underscores the company’s transformation. On Thursday afternoon, after the markets opened, Gogo announced that it extinguished most of its convertible debt, and private equity firm GTCR increased its ownership to 29%. We believe this mitigates the dilution and valuation overhang that has been pressuring shares for the past two months."

For an analyst ratings summary and ratings history on Gogo click here. For more ratings news on Gogo click here.

Shares of Gogo closed at $9.66 yesterday.

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